Thai PM vows crackdown on oil hoarding amid energy crisis
Prime Minister Anutin Charnvirakul announced on Friday the discovery of extensive oil hoarding and market manipulation, committing to legal action and ordering a comprehensive investigation to identify those involved.
Following a high-level meeting with energy and security agencies, Anutin stated that multiple tactics had been employed to exploit consumers during the ongoing global energy crisis. These included intentional delays in marine transport, some depots’ refusal to release fuel to service stations, and the irregular diversion of fuel shipments.
The Department of Special Investigation (DSI) is set to undertake the case as a special investigation, aiming to expedite legal proceedings and identify all parties associated with these activities.
The briefing saw participation from key agencies, including the Ministry of Justice, the Royal Thai Police, the Department of Energy Business, the Thai Maritime Enforcement Command Centre, the Marine Department, the Customs Department, and the Excise Department, all coordinating efforts to combat hoarding and price gouging.
Investigators identified three primary misconduct patterns. Oil tankers were found loitering offshore to delay deliveries and await retail price increases. Certain storage facilities withheld supplies from petrol stations and distributors. In other instances, fuel was transported off designated routes, suggesting possible stockpiling or irregular redistribution.
Discrepancies in reported fuel volumes were also detected among regulatory agencies. Data from maritime tracking systems will be cross-referenced with records from the Department of Energy Business and excise tax data to trace land and sea transport routes, including potential exports to neighbouring countries.
Anutin noted that such practices constitute profiteering, compelling the government to rely heavily on the Oil Fuel Fund to stabilise prices. The fund is currently in deficit, exceeding 50 billion baht, with diesel subsidies averaging around 17 baht per litre.
Anutin emphasised that public funds must not be exploited through hoarding or smuggling for profit.
“The money the state uses to stabilise oil prices is meant to help the public, not to be exploited through hoarding or smuggling for profit.”
He further warned that anyone found in violation of the law would face consequences regardless of their status or influence.
“Those who break the law, no matter who they are or how influential, will face decisive legal action.”
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